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Facebook begins testing Novi wallet and Paxos stablecoin in the US and Guatemala – IT Pro – News

Facebook started a small beta for the Novi Wallet on Tuesday. Within the beta version, users in the US and Guatemala can send money to each other. Novi was formerly known as Calibra and is currently using Paxos’ stablecoin.

with the test Wants to investigate Facebook Whether the technology works and is suitable for customers. For the pilot, the company has partnered with Paxos and Coinbase. Users can convert dollars into the stable currency USDP, or Pax Dollar. This is linked to the US dollar and users in Guatemala can convert back to Guatemalan quetzal. They can send this money to their bank account or withdraw it for cash.

The Novi app can be downloaded from the Apple App Store and Google Play. Facebook is talking about a limited number of users and a queue; It is unknown how many users are being accepted now. Users must upload their ID before they can send or receive money. There are no fees for the service, Facebook says.

Facebook social networking site revealed more than two years ago Libra payment method and Calibra service. Initially, the service was supposed to appear in 2020. Libra was a payment method based on the open-source Libra blockchain, with Facebook collaborating with Visa, PayPal, and eBay, among others. Calibra was the wallet.

Libra and Calibra have received criticism from several organizations and governments, Including the European Union. Because of this criticism, several partners withdrew, and then Facebook Modify plans. For example, the platform will support multiple stablecoins for different currencies. In addition, Facebook has changed Calibra name for novie.

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Meanwhile, Libra has also changed its name to Deem. Facebook says it still believes in Diem, but due to a lack of support from governments, Facebook has not yet used the payment method. However, once this approval is obtained, Novi will have to switch to Diem. Facebook has not provided any data on this; It’s also not clear when Novi should become more widely available.